我国资本市场分割与资本扩张的经济增长效应

发布时间：2018-03-26 02:58

本文选题：资本市场　切入点：资本扩张　出处：《商业研究》2017年08期

【摘要】：要素活力的释放,特别是资本的快速扩张是推动中国经济快速增长的重要因素,而厘清资本扩张和经济增长的内在关联则是深入理解中国经济发展道路的关键。通过对中国资本市场分割程度的分解与测算,本文以中国31个省(直辖市)的面板数据检验资本扩张的经济增长效应,结果表明:经历了长期的发展,我国资本市场的分割趋势仍然明显,而且依然处于扩大趋势;我国资本市场完善和资本扩张并没有处于同步进程,资本扩张和经济增长的外源式特征明显;资本市场分割与经济增长存在倒U型曲线关系,随着经济发展到一定高度,持续分割的资本市场将对经济增长产生抑制效应;长远来看,持续的经济增长和有序的资本扩张以健全、统一、完善的资本市场为基础,进一步的改革导向在于资本市场的深度推进。
[Abstract]:The release of element vitality, especially the rapid expansion of capital, is an important factor in promoting China's rapid economic growth. The key to understanding the path of Chinese economic development is to clarify the internal relationship between capital expansion and economic growth. Through the decomposition and measurement of the degree of segmentation of China's capital market, In this paper, the panel data of 31 provinces (municipalities directly under the Central Government) are used to test the economic growth effect of capital expansion. The results show that after a long period of development, the segmentation trend of Chinese capital market is still obvious, and it is still in the trend of expansion; The perfection of capital market and capital expansion in our country are not in the same process, the exogenous characteristics of capital expansion and economic growth are obvious, the relationship between capital market segmentation and economic growth is inversely U-shaped, and with the development of economy, the relationship between capital market segmentation and economic growth has reached a certain height. In the long run, sustained economic growth and orderly capital expansion are based on sound, unified and sound capital markets. The direction of further reform lies in the depth of the capital market.
【作者单位】：深圳大学中国经济特区研究中心;
【基金】：国家社科基金重大项目“中国经济特区发展史”,项目编号:16ZDA003 广东省哲学社会科学十二五规划项目“区域公共产品供给效率研究”,项目编号:GD13CYJ03
【分类号】：F832.5

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